Arsenal Real Estate Funds has closed its first fund on $150 million (€118 million). The Morristown, New Jersey-based firm has reportedly invested or earmarked 70 percent of the capital for specific investments and expects to spend the rest within the next year.
The two-year-old firm was started by J. Brian O’Neill, the founder and chairman of King of Prussia, Pennsyvania-based O’Neill Properties Group and three former Prudential Real Estate Investors executives: Gary Picone, John Maurer and Joe Margolis.
AREF I will invest in multifamily, office, retail and in-fill land in the Northeast, Florida and California. So far, Arsenal has invested in a 375-unit multifamily rental property in Pennsylvania and condos in Pennsylvania and Delaware.